Managing payroll globally is a difficult job … Papaya Global.Com/Product/Payroll/Small-business…
openly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly revealed settlements there’s likewise substantial legal expenses there’s there’s other penalties there’s other expenses behind that too so the overall cost can be very significant in the 10s of millions of dollars or more and and those amounts are growing uh the reason why business are getting it so incorrect is really just the guidelines are complicated and they’re changing all the time believe ir-35 in the UK which has actually been an ongoing advancement for several years now and and still a great deal of unpredictability among companies on what it truly implies and how you deal with it most companies are just not knowledgeable about the rules and and act as if the the rules are the same all over which they’re not so so motivate you to to be really proactive as you’re engaging uh workers from a category viewpoint okay thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what impacts can this have on the employee How To Do Year End In Papaya Global especially when it pertains to their own tax liabilities social security and benefits for instance jury and undoubtedly the workers the other side of the coin
How much revenue does the company make? Papaya Global.Com/Product/Payroll/Small-business
Over the last 5 or 6 years …Papaya Global.Com/Product/Payroll/Small-business… roles on the provider side and likewise on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to type of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very dreary and I wish I was elsewhere at this moment in time okay so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a tactical possession uh we’ll also review a recap which must leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more typical and managing them ends up being more and more complex International organizations are wanting to find Solutions and brand-new ways to improve processes especially from a payroll and cross-border payment perspective many organizations keep separate bank account just for payroll while some have multiple accounts in different countries does it make good sense for companies to maintain different checking account in some cases in various countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business streamline the episode complex procedures of
Ensuring accurate, effective, and timely payroll payments is a complex difficulty for services running globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, find out how business forecast payroll expenses to enhance working capital, and find how simplifying worldwide payroll payments can transform them from a difficult job into a strategic possession.
due to different policies, compliance requirements, data security issues, and banking guidelines. The sheer variety of staff members and companies adds to the complexity, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently result in manual processes, information silos, and an absence of integration, leading to inconsistencies and inefficiencies. In spite of living in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to provide insights and options to streamline and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that provides me sleepless nights and rather honestly the more a company invests in worldwide payroll the less of a photo they see a lack of presence likewise reaches payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of worldwide companies have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes inadequately communicated hires and terminations in addition to absence management and system setups and after that when you round it all off and the data is delivered to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run efficiently if they count on the needed several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business face when they’re paying to employees or otherwise that’s a good question I always throw this back and say what is it what doesn’t require to be consisted of best and what does
it need to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look right eventually developing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to sort of move forward with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and financing teams work better together than ever um I’m constantly astonished when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more important to add to kind of the level of complexity there’s a growing number of advantages being organ or being provided by companies across the world so again you’re just seeking to add a growing number of payments to this currently intricate landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real challenges or genuine challenging kind of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of decades I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s actually handling the payment side of things however you know in in my opinion and my experience that does not always need to be the case you know long gone are the times where we require to produce extra handoffs in the processes that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an era that you understand that we are operating in today there is no reason we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single greatest liability that any business has from a cost viewpoint from an effect perspective on staff members it is absolutely critical that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging result on people’s well-being and numerous other elements if people aren’t paid uh I’ve constantly been impressed coming into this Market type of the last 5 to ten years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people only discover when things fail. Nevertheless, when things go right, it’s seen as just a routine task. This is how it’s viewed externally as well. For that reason, it is vital to guarantee that tasks like Wi-Fi Worldwide and other essential matters are done properly. Using the very first Worldwide Payments first payroll payment option is an excellent preliminary action towards offering a thorough payroll option for workers worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and savings account needed for global payroll are key factors in accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things do not go as prepared. Eventually, we do not do it for the gratitude.
anyway we know how how essential a function it is which’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everybody that’s involved in those procedures and also so envision sorry I’m simply I was just gon na say envision the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about hundreds of thousands potentially Millions envision getting that many thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and type of shot to return to everybody so moving on look why do business select to main separate savings account there are Papaya Global.Com/Product/Payroll/Small-business businesses out there doing precisely this for specific countries and I’ve worked in a service or many businesses doing precisely that I can state it doesn’t always feel effective and it does produce more work I know we’re not purposely doing that we’re not producing additional work for any person where we don’t have to and any person that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many reasons one is it’s the requirement I think individuals have actually got so utilized to we require a brand-new savings account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I believe this is a procedure that needs looking at it needs altering but ultimately people are extremely stuck to what they’re familiar
with right um modification is a challenging thing we all don’t like modification um so I believe it’s just type of moving away from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having keeping several savings account however there’s a huge quantity of complexity goes with establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for private people so the intricacy is big however I believe the sincere response is change um individuals have not had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I believe you’ve hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter but we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century or two there is a lot to keep track of and this approach does position several obstacles um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you should have a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you Papaya Global.Com/Product/Payroll/Small-business
I discover time and time again the workers typically misclassified unwittingly they do not understand the conditions of work or agreement and are told by the client why it’s optimum mainly to the client why you need to be used or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care privileges of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have gone by they have not added to pensions And so on so it’s a huge impact that they never understood they were strolling into you could not agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy companies are getting insurance coverage against misclassification but normally premiums are just covering the expense of legal charges whilst the typical claim evaluated against employers corresponds to to 40 or half of the base salary of employee exists any point in taking out insurance and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes charge and interest for the most part I have not seen it at least so uh the the other area that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK